GBPJPY - Bounce Back in the Demand and Breaking the Trend Line
GBPJPY dropped down in the last days with a strong momentum. It took out the higher small demand and went down to test the lower demand level.
The bearish momentum was strong, then it was reasonable to expect a bounce back from the demand level also if the demand level was already tested several times.
It can be a risky situation but the opportunity is good.
So you can see in the chart that after the testing of the demand the price bounced up. The braking of reversal trend line that you see in the chart define the demand and it can confirm a reversal trend.
Of course, if you had a buy order and the bounce back started before to reach the order, keep the order gives a higher risk, because if the price will drop again, it can take out the demand and drop more.
What do you think?
Thank you
girolamoaloe.com
The bearish momentum was strong, then it was reasonable to expect a bounce back from the demand level also if the demand level was already tested several times.
It can be a risky situation but the opportunity is good.
So you can see in the chart that after the testing of the demand the price bounced up. The braking of reversal trend line that you see in the chart define the demand and it can confirm a reversal trend.
Of course, if you had a buy order and the bounce back started before to reach the order, keep the order gives a higher risk, because if the price will drop again, it can take out the demand and drop more.
What do you think?
Thank you
girolamoaloe.com
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